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Richard D Fairbank

Nationality: United States

Year of birth: 1950

Work History: Richard D Fairbank had represented as the partner and consultant for Strategic Planning Associates from 1985 to 1990. He had also functioned as the head of the credit card unit of Capital One Financial Corporation from 1990 to 1994. By 1994, he became the CEO and the chairperson of Capital One Financial Corporation.

Education: Bachelor's Degree in Economics from Stanford University in 1972 and Master of Business Administration Degree from Stanford Graduate School of Business in 1981.

Bio: Often christened as the father of the credit card industry, Richard D Fairbank brought forth many innovations that led to the rapid development and deployment of credit cards. In spite of humble beginnings, Richard could assimilate the technological innovations that were widely underused during the 90s to come up with a secure financial architecture that set a definite path to the banking procedures.

Instead of following the business models that were widely practiced by the others, Richard used to give away company stock options to senior management along with the usual company benefits. The underlying notion was simple - if the value of the company stocks raised, everyone made profits. This unique approach fueled the employees (especially those who could access the benefits) to work passionately. During the 90s, computers were considered calculating machines and were used in banking environments merely to do calculations and to act as databases. Richard understood the untapped potentials of these machines and started working out resourceful plans with business partner Nigel Morris.

Despite arduous opposition from various quarters, Richard was finally able to prove the true affectivity of these machines. When the concept of credit cards was introduced into the market, the commoners were afraid of test-driving the technology. In order to attract business, Richard came up with insurgent ideas that helped in gaining confidence in the minds of many millions. Within months, an average household member in the United States had access to a working credit card. Although Richard had commenced a lucrative career in banking industry, he started to concentrate on alternative business ventures, which resulted in the formation of America One Communications in 1995.